AFR Seminar

NO.165报告人:Yoonbai Kim(美国肯塔基大学)

发布时间:2023-06-02 11:51:25 作者:万茜 来源:金融研究院 阅读:


主  题:Financial Integration and Economic Growth:  Directional Heterogeneity and Threshold Effects

时  间: 2023年6月9日(周五)10:00-11:30

主讲人: Yoonbai Kim  国肯塔基大学经济学系教授

主持人: 邬介然  金融研究院院长助理、经济学院教授

地  点: 浙江大学紫金港校区西区经院大楼530室

                      欢迎广大师生参加!

内容提要:

Despite voluminous studies, the growth effects of international financial integration remain unresolved. Recent studies have shown that the effects depend on a wide variety of factors including the level of economic and financial development, the type of financial flows (debt or equity), the direction of flows (inflows or outflows), and the existence of the investment or saving constraint with the economy. In this paper, we implement a model that embodies double threshold effects where the thresholds are defined in terms of (i) per capita GDP and (ii) the economic growth rate. The results support the single threshold of the growth rate, which is expected to capture the existence of the investment or saving constraint with the economy. We find that developed and slowly developing economies are likely to benefit from capital outflows for higher investment incomes while emerging economies with growth rate higher than 3.4 - 5.7 percent can successfully take advantage of financial integration and resulting capital inflows. The findings are robust to changes in variable definition, model specification and data selection.

 

演讲人简介:

Yoonbai Kim,美国肯塔基大学经济学系教授(Department of Economics University of  Kentucky)、斯坦福大学(Stanford University)经济学博士、美国经济学会会员,曾任韩美经济学会会长、秘书长,在《国际货币与金融杂志》、《经济学与统计学评论》、《国际经济学杂志》、《宏观经济学杂志》等多家国际学术期刊担任审稿人。研究领域集中在汇率弹性与外部调整过程、购买力平价、汇率决定的实证模型、经常账户的结构分解、最优货币区理论的实证研究、不同汇率制度下资本流动的影响 、汇率与经济稳定等方面。在《国际经济与金融评论》、《大西洋经济杂志》、《发展经济学评论》、《比较经济学杂志》、《经济学通讯》、《欧洲政治经济学杂志》、《国际经济学杂志》、《中国经济学前沿》、《新兴经济体宏观经济与金融》等期刊发表学术论文多篇。

 

          办:浙江大学金融研究院

承办:AFR金融理论与政策研究中心

AFR金融科学与工程联合研究中心

                                                        202362